For many investment clients, up-to-date technology is a must. According to Forbes Insights, 31% of clients under 50 would leave their wealth manager if the technology used was inadequate. Likewise, 67% of clients prefer advisors who offer mobile apps and other interactive tools.
Traditionally, the tools associated with wealth management were peripheral at best — multiple databases, siloed information, spreadsheet programs, and so forth. Modern wealth management software programs need to be able to provide advisors with a 360-degree view of their clients, and to do so in a way that is reliable and accessible. To achieve this goal, the top wealth management firms rely on CRM technology, and take advantage of the benefits associated with a cloud-based platform.
CRM technology can help wealth managers stay focused on the needs of their clients. It provides a single, unified pane of glass through which client and prospect contact information, financial account details, and other vital household and goals data can be stored and analyzed. At its heart, CRM is about client relationships and data. And given that wealth management professionals are generally tasked with interpreting data and providing personalized advice to their clients, CRM software for wealth management is an obvious match.
CRM wealth management software reduces costs associated with data capture and analysis, increases advisor productivity, and frees up time to focus on strengthening client relationships. With a CRM tool in place, advisors can collaborate across departments and teams to effectively grow their book of business. Additionally, superior CRM solutions give wealth management professionals the insights they need to deliver personalized advice at scale, locking in client trust across broader household and relationship networks in the process. Altogether, these advantages give firms a competitive edge over others that have yet to embrace a high-touch relationship platform that showcases a full 360-degree view of each and every client — including their financial account data and relationship networks.